The iconic iProducts (iPhone, iPod, iTunes, etc.) are branded with an unmistakable name and they all become integral parts of the technology world – changing both technology and consumers alike. As the years have gone on Apple has continued to produce devices and offer services that make life easier and more convenient. The last new product were the iPad’s which became status symbols held by those savvy and well-off individuals that could afford them, but now according to patentlyapple, something new is on its way that might be interesting: the iWallet!

Back in May of 2010, Apple got a patent for a new thing called iWallet and since that first patent, there have been many more patents related to the iWallet, but none like the one discovered this week. This patent is massive and it deals with credit card companies sending card statements directly to a user’s iTunes account. Yes, you can definitely say this new patent is a game changer.

This patent was created by Brandon Casey, Gary Wipfler, and Erik Cressal before 2009 and it was officially submitted to the patent office in the first quarter of 2009. Only recently was it approved.

Let’s look at this new patent a little closer shall we? Below we will take an in depth look at the various areas that this patent may cover.

Transactions

The rules regarding financial transactions may limit or restrict transactions based on a transaction limit or an amount limit. Additionally limitations may be put on based on location or the specific types of products attempted to be purchased.

Rule Violation

When the transaction rules are clearly laid out there will be a clearly defined control action put in place when a specific rule is violated. One such example would be an automatic decline of the transaction or simply a request that the card holder verify the transaction before it is actually approved.

Transaction Rule Definition

The card holder (primary account holder) may define specific transaction rules based on a preset authorization on criteria. This allows the user to ensure that they can safely make purchases without being inconvenienced while still protecting their account and security.

An example of a rule definition defined by a user would be that multiple transaction limits are put in place or that a set amount of money could be spent a day. Should those rules be violated the user would then be contacted regarding the violation so that measures can be taken.

Unfortunately, Apple only released a short summary of the patent with some pictures to help illustrate various points, but from what you can read here you can definitely begin looking forward to the future – if not in excitement, then with intrigue. Truly the iWallet will become another product offered by Apple that will be so fused with people’s lives and current interaction with technology that it will be a quick and efficient integration when it is released. When the iWallet is out it will open up a world of new possibilities and, of course, spur competitors to begin developing alternative services. Oh what a scary yet wondrous future ahead of us!